UAE – Mubasher: Abu Dhabi National Oil Company (ADNOC) acquired a 10.10% equity ownership in UK-based company Storegga, which focuses on the development of global carbon capture and storage (CCS) projects.
The strategic transaction marks ADNOC’s first global equity investment in carbon management in line with its plans to leverage carbon management partnerships, according to a press release.
The investment comes as a part of the UAE group’s initial allocation of $15 billion (AED 55 billion) to low-carbon solutions and decarbonization technologies.
ADNOC is targeting a carbon capture capacity of 10 million tonnes per annum (mtpa) by 2030, equivalent to taking over 2 million internal combustion vehicles off the road.
Musabbeh Al Kaabi, ADNOC’s Executive Director for Low Carbon Solutions and International Growth, said: “Carbon capture is an important tool to responsibly reduce carbon emissions and meet global climate goals and ADNOC will continue to scale up this technology as we work towards net zero by 2045.”
Nick Cooper, CEO of Storegga, mentioned: “Strategic collaborations are crucial for a pragmatic, prompt, and affordable transition to a low-carbon future.”
“Storegga is therefore ready to stand alongside traditional energy suppliers to accelerate decarbonization by deploying cost-effective CCS globally,” Cooper added.
In November 2023, ADNOC launched the region’s first high-speed green hydrogen pilot refueling station H2GO in Masdar City.
